Jim Cramer’s CNBC Investment Club hosts a “Morning Meeting” livestream weekdays at 10:20 a.m. ET. A recap of Wednesday’s key moments. 1. Wall Street rose Wednesday after starting flat, with the S&P 500 hitting a new record high. The tech-heavy Nasdaq and Dow Jones Industrial Average also rose. Alphabet is dominating the headlines after the Justice Department said in a court filing late Tuesday that it is considering breaking up Google as a remedy for antitrust litigation. Even if many of these proposed remedies were implemented, which is still a long way off, it wouldn’t be good for Google’s business. Considering that this Justice Department overhang will not be resolved immediately, the Company reduced some of its shares on September 25th. 2. Piper Sandler’s latest survey of teens finds that interest in Apple’s new iPhone 16 is somewhat lukewarm. About 30% of respondents planning to upgrade their Apple hardware said they were doing so because of Apple Intelligence, the company’s new AI suite. The tool is expected to be released later this month, the investigation found. While this may seem a little low, we think interest in Apple Intelligence, and the new iPhone more broadly, will increase once the general public starts using all the features. In summary, Piper’s research confirms our view that the iPhone upgrade cycle won’t be an instant boom, but will continue over several months into 2025. The survey included what Best Buy considered a positive: About a quarter of respondents said they planned to buy a new PC within the next six months. 3. Loop Capital Markets on Wednesday upgraded home improvement retailer Home Depot from hold to buy and raised its price target from $360 to $460 per share. Analysts said they expected future demand to boost profits in later quarters, although the hurricane could negatively impact sales and profit margins this quarter. The stock has been on a roll lately, rising 22% in the past three months and hitting a 52-week high on Wednesday. The last time we bought was on September 11th, when the market was down. A pullback in Home Depot stock could be a potential buying opportunity. (Jim Cramer’s charitable trusts are long GOOGL, AAPL, HD. See here for a complete list of stocks.) As a subscriber to Jim Cramer’s CNBC Investment Club, before Jim makes a trade Receive trading alerts. After Jim sends a trade alert, he waits 45 minutes before buying or selling stocks in his charitable trust’s portfolio. If Jim talks about a stock on CNBC TV, he will issue a trade alert and then wait 72 hours before executing the trade. The above investment club information is subject to our Terms of Use and Privacy Policy, along with our disclaimer. No fiduciary duties or obligations exist or arise from your receipt of information provided in connection with the Investment Club. No specific results or benefits are guaranteed.
